{"id":17278,"date":"2019-09-09T10:15:05","date_gmt":"2019-09-09T14:15:05","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=17278"},"modified":"2024-05-17T12:59:01","modified_gmt":"2024-05-17T16:59:01","slug":"is-pairs-trading-still-viable","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/","title":{"rendered":"Is Pairs Trading Still Viable?"},"content":{"rendered":"\n<p><em>Excerpt<\/em><\/p>\n\n\n\n<p>Classic pairs trading strategies have suffered deteriorating returns over time. Can a research pipeline that facilitates the identification and selection of ETF pairs help make pairs trading viable again? This post investigates such a pipeline.<\/p>\n\n\n\n<p><em>The problem: pairs wander away<\/em><\/p>\n\n\n\n<p style=\"background-color:#fcfcdb\" class=\"has-background\"><strong>Source<\/strong>: Ernie Chan,&nbsp;<em>Algorithmic Trading: Winning Strategies and Their Rationale<\/em>, Wiley, May 28, 2013, chapter 4. <\/p>\n\n\n\n<p>Pairs trading is a classic arbitrage strategy on securities in the same industry (for example, Coke and Pepsi) in which the trader buys one security and sells the other when the spread between them widens, then closes the positions when the spread narrows again.<\/p>\n\n\n\n<p>In his book&nbsp;<em>Algorithmic Trading<\/em>, Ernie Chan notes that pairs trading of stocks has become more difficult over time. Two stocks may cointegrate in-sample, but they often wander apart out-of-sample as the fortunes of the respective companies diverge. However, Chan finds more fertile ground for pairs trading among ETFs.<\/p>\n\n\n\n<p>I backtest a pairs trading strategy using an ETF pair from Chan&#8217;s book, GLD and GDX (the Gold ETF and Gold Miners ETF).<\/p>\n\n\n\n<p>Based on the tendency of pairs to eventually stop cointegrating, I hypothesize that successful pairs trading might require a robust pipeline for continually identifying and selecting new pairs to trade. I attempt to construct such a pipeline using a 3-step process:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>For a universe of all liquid US ETFs, I test all possible pairs for cointegration using the Johansen test in an in-sample window.<\/li><li>I run in-sample backtests on all cointegrating pairs and select the 5 best performing pairs.<\/li><li>I run an out-of-sample backtest on a portfolio of the 5 best performing pairs.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"pairs-trading-strategy\">Pairs trading strategy<\/h2>\n\n\n\n<p>I create a Moonshot pairs trading strategy that replicates the trading rules in Chan&#8217;s book. A few code snippets are highlighed here. The strategy calculates daily hedge ratios using the Johansen test:<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code>from statsmodels.tsa.vector_ar.vecm import coint_johansen\n\n# The second and third parameters indicate constant term, with a lag of 1.\n# See Chan, Algorithmic Trading, chapter 2.\nresult = coint_johansen(pair_prices, 0, 1)\n\n# The first column of eigenvectors contains the best weights\nhedge_ratios = list(result.evec[0])<\/code><\/pre>\n\n\n\n<p>The timing of entries and exits is based on Bollinger Bands set one standard deviation away from the spread&#8217;s moving average:<\/p>\n\n\n\n<pre class=\"wp-block-code\"><code># Compute spread and Bollinger Bands\nspreads = (pair_prices * hedge_ratios).sum(axis=1)\nmeans = spreads.fillna(method=\"ffill\").rolling(20).mean()\nstds = spreads.fillna(method=\"ffill\").rolling(20).std()\nupper_bands = means + stds\nlower_bands = means - stds\n\n# Long (short) the spread when it crosses below (above) the lower (upper)\n# band, then exit when it crosses the mean\nlong_entries = spreads &lt; lower_bands\nlong_exits = spreads >= means\nshort_entries = spreads > upper_bands\nshort_exits = spreads &lt;= means<\/code><\/pre>\n\n\n\n<p><em>See the full source code and read the rest of the article on <\/em><a href=\"https:\/\/www.quantrocket.com\/blog\/pairs-trading-still-viable\"><em>QuantRocket<\/em><\/a><em> website.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Classic pairs trading strategies have suffered deteriorating returns over time. Can a research pipeline that facilitates the identification and selection of ETF pairs help make pairs trading viable again? This post investigates such a pipeline.<\/p>\n","protected":false},"author":186,"featured_media":17299,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[343,349,338,341,352,344],"tags":[851,852,595,494],"contributors-categories":[13675],"class_list":{"0":"post-17278","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-programing-languages","8":"category-python-development","9":"category-ibkr-quant-news","10":"category-quant-development","11":"category-quant-north-america","12":"category-quant-regions","13":"tag-algo-trading","14":"tag-machine-learning","15":"tag-python","16":"tag-quant","17":"contributors-categories-quantrocket-llc"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is Pairs Trading Still Viable? | IBKR Quant<\/title>\n<meta name=\"description\" content=\"This post investigates a research pipeline that facilitates the identification and selection of ETF pairs help make pairs trading viable again\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/17278\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Pairs Trading Still Viable? | IBKR Quant and Algo Trading News\" \/>\n<meta property=\"og:description\" content=\"This post investigates a research pipeline that facilitates the identification and selection of ETF pairs help make pairs trading viable again\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-09T14:15:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-17T16:59:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/09\/quant-rocket-pairs.png\" \/>\n\t<meta property=\"og:image:width\" content=\"986\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Contributor Author\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Contributor Author\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/is-pairs-trading-still-viable\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/is-pairs-trading-still-viable\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Contributor Author\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/e823e46b42ca381080387e794318a485\"\n\t            },\n\t            \"headline\": \"Is Pairs Trading Still Viable?\",\n\t            \"datePublished\": \"2019-09-09T14:15:05+00:00\",\n\t            \"dateModified\": \"2024-05-17T16:59:01+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/is-pairs-trading-still-viable\\\/\"\n\t            },\n\t            \"wordCount\": 342,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/is-pairs-trading-still-viable\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/09\\\/quant-rocket-pairs.png\",\n\t            \"keywords\": [\n\t                \"Algo Trading\",\n\t                \"Machine Learning\",\n\t                \"Python\",\n\t                \"Quant\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"Programming Languages\",\n\t                \"Python Development\",\n\t                \"Quant\",\n\t                \"Quant Development\",\n\t                \"Quant North America\",\n\t                \"Quant Regions\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/is-pairs-trading-still-viable\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/is-pairs-trading-still-viable\\\/\",\n\t            \"name\": \"Is Pairs Trading Still Viable? | IBKR Quant and Algo Trading News\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/is-pairs-trading-still-viable\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/is-pairs-trading-still-viable\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/09\\\/quant-rocket-pairs.png\",\n\t            \"datePublished\": \"2019-09-09T14:15:05+00:00\",\n\t            \"dateModified\": \"2024-05-17T16:59:01+00:00\",\n\t            \"description\": \"This post investigates a research pipeline that facilitates the identification and selection of ETF pairs help make pairs trading viable again\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/is-pairs-trading-still-viable\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/is-pairs-trading-still-viable\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/09\\\/quant-rocket-pairs.png\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2019\\\/09\\\/quant-rocket-pairs.png\",\n\t            \"width\": 986,\n\t            \"height\": 600,\n\t            \"caption\": \"QuantRocket\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/e823e46b42ca381080387e794318a485\",\n\t            \"name\": \"Contributor Author\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/contributor-author\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Is Pairs Trading Still Viable? | IBKR Quant","description":"This post investigates a research pipeline that facilitates the identification and selection of ETF pairs help make pairs trading viable again","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/17278\/","og_locale":"en_US","og_type":"article","og_title":"Is Pairs Trading Still Viable? | IBKR Quant and Algo Trading News","og_description":"This post investigates a research pipeline that facilitates the identification and selection of ETF pairs help make pairs trading viable again","og_url":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/","og_site_name":"IBKR Campus US","article_published_time":"2019-09-09T14:15:05+00:00","article_modified_time":"2024-05-17T16:59:01+00:00","og_image":[{"width":986,"height":600,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/09\/quant-rocket-pairs.png","type":"image\/png"}],"author":"Contributor Author","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Contributor Author","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/#article","isPartOf":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/"},"author":{"name":"Contributor Author","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/e823e46b42ca381080387e794318a485"},"headline":"Is Pairs Trading Still Viable?","datePublished":"2019-09-09T14:15:05+00:00","dateModified":"2024-05-17T16:59:01+00:00","mainEntityOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/"},"wordCount":342,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/09\/quant-rocket-pairs.png","keywords":["Algo Trading","Machine Learning","Python","Quant"],"articleSection":["Programming Languages","Python Development","Quant","Quant Development","Quant North America","Quant Regions"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/","url":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/","name":"Is Pairs Trading Still Viable? | IBKR Quant and Algo Trading News","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/#primaryimage"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/09\/quant-rocket-pairs.png","datePublished":"2019-09-09T14:15:05+00:00","dateModified":"2024-05-17T16:59:01+00:00","description":"This post investigates a research pipeline that facilitates the identification and selection of ETF pairs help make pairs trading viable again","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/is-pairs-trading-still-viable\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/09\/quant-rocket-pairs.png","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/09\/quant-rocket-pairs.png","width":986,"height":600,"caption":"QuantRocket"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/e823e46b42ca381080387e794318a485","name":"Contributor Author","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/contributor-author\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2019\/09\/quant-rocket-pairs.png","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/17278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=17278"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/17278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/17299"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=17278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=17278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=17278"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=17278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}